Saudi Arabia's PIF acquires $1bn stake in Sweden's Embracer gaming group & More News Here

Saudi Arabia’s sovereign wealth fund has acquired an 8.1 per cent stake price $1 billion in Swedish gaming enterprise Embracer Group because it strengthens its portfolio in the sector.

The Public Investment Fund’s Savvy Gaming Group (SGG), which was launched in January in line with its 2021-2025 technique to drive innovation in strategic sectors resembling leisure, leisure and sports activities, acquired about 99.9 million shares for about 10.3 billion Swedish krona ($1.05bn), Embracer mentioned in an announcement on Wednesday.

“Savvy Gaming Group has committed to invest heavily in the games and e-sports industry, and to materially strengthen the global games community,” mentioned SSG chief govt Brian Ward.

“This investment in Embracer Group is a starting point for a long-term commitment to the company. The Embracer team has built a truly unique and leading ecosystem of entrepreneurs and creators at a scale which we believe will continue to generate enormous value for the games community in the coming years.”

Embracer plans to arrange a regional centre in Saudi Arabia on the again of the connection with SGG, mentioned Lars Wingefors, founder and group chief govt of Embracer Group.

The group will “be able to make investments across the Mena region, either organically, via partnerships, joint ventures or via acquisitions of companies led by strong entrepreneurs”, Mr Wingefors mentioned.

SGG bought ESL Gaming — one of many largest impartial e-sport corporations — from Stockholm-based Modern Times Group in January in an all-cash transaction of $1.05bn.

It additionally acquired e-sports platform Faceit and mentioned it could merge the 2 corporations to create a brand new world entity for aggressive gaming known as ESL Faceit Group, which is anticipated play a key position in assembly SGG’s goals, PIF mentioned.

The Public Investment Fund acquired a 5.01 per cent stake in Japan’s Nintendo final month.

It purchased about 6.5 million shares in Kyoto-based Nintendo, the creator of Super Mario and maker of online game consoles, making the fund the fifth-largest shareholder in the corporate, in line with Bloomberg information.

The funding in Nintendo was the PIF’s third in a Japanese gaming firm, after offers to accumulate stakes of greater than 5 per cent in on-line sport makers Capcom and Nexon.

The fund additionally took a stake in US firm Activision Blizzard, the Call of Duty writer that Microsoft introduced it could purchase for $68.7bn in January.

Its stake in Activision on the finish of the primary quarter of this yr was price $3bn, in line with the newest regulatory submitting.

Gaming consumption in Saudi Arabia, the Arab world’s largest financial system, is estimated to achieve $6.8bn by 2030, in line with the Boston Consulting Group.

Updated: June 08, 2022, 11:47 AM

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